Rep. Barney Frank, the first openly gay serving member of Congress and a powerful Democrat whose name is attached to the sweeping Wall Street reform bill, will announce today he doesn’t plan to seek reelection.

Frank became the first openly gay member of Congress six years after he first took office, coming out in 1987 and breaking an important barrier in American politics.

He survived scandal to become one of the most powerful Democrats on Capitol Hill during 30 years in office. The Massachusetts congressman chaired the House Financial Services Committee when Democrats were in the majority from early 2007 until early 2011, becoming the main House Democrat overseeing the financial industry during one of the most turbulent economic eras of U.S. history.